SETH, Circuit Judge.
This is an action commenced under the Securities Exchange Act of 1934 [15 U.S.C. § 78j(b)] and the Securities Act of 1933 [15 U.S.C. § 77q(a)], by the purchasers of "beaver contracts."
The complaint alleges that false and untrue representations were made to the plaintiffs by the defendants, or some of them, and by their agents, in solicitations made for the sale of investments in unregistered contracts relating to the purchase...
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